Litecoin’s Daily Addresses Grew 6x Since A Year Ago: Analysis

Litecoin’s daily addresses grew by 6 times since 2020 as the digital silver saw a huge uptick alongside other larger-cap altcoins as we can see in our analysis in today’s Litecoin news.

The number of active addresses on LTC which is the ninth biggest cryptocurrency by market cap, grew by 6 times in the past year according to the data by Glassnode. David Schwartz who is a project director at the LTC foundation added:

 “New Litecoin addresses added daily are now broaching 100,000. Compared to 12 months ago, this is a 5x increase.”

New #Litecoin addresses added daily is now broaching 100,000. Compared to 12 months ago, this is a 5x increase (Fig. 1)

Active #LTC daily addresses have 6x'd over 12 months (Fig. 2) from 50,000 per day to 300,000

Prices can be suppressed, but value in utility cannot. 💪🔥 pic.twitter.com/xdbmu7uMlm

— David Schwartz (aka – Dasch) (@DaddyCool1991) March 18, 2021

Schwartz added that the number of active addresses which see regular, daily use per se, also saw a 6 time growth over the past year commenting on Litecoin’s daily addresses number:

“Active LTC daily addresses have 6x’d over 12 months (Fig. 2) from 50,000 per day to 300,000.”

The growth in wallet usage came alongside the growth in prices so with the data from CoinGecko we can see that LTC is valued at over $13 billion and trades at over $202 with a circulating supply of 66 million tokens at press time. This marks a huge increase compared to last year which saw LTC drop to as low as $30. A correction could be upcoming so as the images show, LTC trades below its 34-period exponential moving average which is a tool used by other traders to determine the trend on the market. The support exists at the $195 price level which means it’s a favorable level that will see buyers stepping in.

The on-chain data from IntotheBlock on the other hand shows that the asset is receiving some choppy price action and the metrics also show that the net growth and number of large transactions are on the uptrend but momentum and concentration signals show a downtrend. A strong fundamental factor that favors LTC’s growth is the upcoming MimbleWimble release so the update will bring more privacy, scalability, and speed to Litecoin and will be incorporated into the codebase after getting finalized.

According to a post by the Foundation, the code of the MimbleWimble extension block is now completed and ready for formal auditing by other LTC auditors. The release follows the 2020 launch of the MWEB testnet which was aimed at technical users.